They are stealing from pensioners to pay short-term debt owed to banksters who knowingly made risky private loans. This is corruption. No other word applies.
Don’t be surprised when Geithener tries to grab 401(k) pensions here.
Oh, the Irish made sure that senior bondholders got paid back at 100% on the dollar even if that cripplies Ireland for decades – assuming the new government doesn’t repudiate the whole rotten agreement.